Online Recruitment Market Size, Share, Trends and Impact Analysis of COVID-19, By Type (Permanent Online Recruitment, Online Part Time Recruitment), By Application (Secretary/Clerical, Accounting/Financial, IT, Technical/Engineering, Professional/Manager, Nursing/Medical/Care, Hospitality/Restaurant, Sales/Marketing, Other Industries/Blue Collar) and Regional Forecast, 2020-2027
The Global”Online recruitment market sizewas $28.68 billion in 2019 and is expected to reach $43.39 billion by 2027. This information is provided by Fortune Business Insights™, in its report titled “Online Recruitment Market, 2020-2027 “.
According to our research analysts, the development of technologies such as artificial intelligence, cloud, predictive analytics, as well as machine learning, among others, are expected to sharpen the skills of contact centers. The growing vigilance of civil liens has led to the growth in customer demands across all industries.
Overview of Online Recruitment Market Size:
- $43.39 billion in 2027
- $28.68 billion in 2019
- CAGR: (2020-2027) 7.1%
- Base year: 2019
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What does the report offer?
In order to prepare this report, we collected revenue data from several key players through secondary sources, such as company websites, company filings, annual reports and investor presentations. We conducted in-depth interviews with key industry experts to track and analyze competitive developments, such as partnerships, mergers and acquisitions, new product launches, and research and development activities. Our next step included the bottom-up procedure to arrive at the overall market size.
Drivers and Restrictions
Increase in demand for global automation to simulate market growth
The increasing demand for automation in all sectors has led to the development of advanced technologies applicable in all sectors. There has been a substantial shift from conventional and traditional job search methods to using digital platforms to search for jobs. Majority of companies turn to online platforms to recruit employees as the process is convenient and hassle-free. While employees also apply on these portals, because it involves more and reduces travel time. All communication processes such as job offers, confirmation of an employee’s application and online interviews are also carried out via the Internet by the companies. This is expected to drive the growth of the market over the forecast period.
Growing influence of social media to drive growth
The rapid emergence of social networks has brought about a paradigm shift in the way people transmit and share knowledge. With more active users and another joining them every day, social media platforms have become strategically important for recruitment companies to hire talent through this type of recruitment. Companies are developing effective strategies to take advantage of the opportunities offered by social media platforms and recruit potential candidates. Changing business dynamics and the emergence of social media should bode well for the growth of the global market in the coming years.
North America will dominate the global market supported by strong adoption of social media platforms
North America generated $11.49 in 2019 in terms of revenue. Rising adoption of social media platforms and other online services for recruitment purposes is expected to propel the growth in this region over the forecast period. Moreover, key players in this region are developing AI technologies to further maintain its dominance over the world in terms of technological advancements.
Asia-Pacific is expected to hold the second largest share of the global online recruitment market due to the dramatic growth rates regarding the adoption of AI in major countries in this region such as China, Japan and the United States. India, among others. Additionally, talent acquisition and HR recruiters are seeing substantial growth as business owners move to the automated hiring process to achieve technical advancements.
Europe should present a remarkable growth potential due to the increasing use of IT tools and the growing confidence of the population. This is expected to drive the market growth in this region over the forecast period.
New product launches by key players to create opportunity for growth
Key players are using strategic plans to strengthen their position as top players in the market. Their effective strategies include acquisitions, mergers, partnerships, and product launches among many others.
For example, in September 2019, LinkedIn launched several skills assessment tools to ensure job seekers find their skills and test their knowledge. This helps candidates showcase their caliber in the form of a certificate provided by LinkedIn to their employers. This move should work in LinkedIn’s favor in the long run.
April 2020: Totaljobs Group Ltd., a pioneer in recruitment, has launched Totaljobs Video Interviewing, a software intended to carry out professional interviews by video call due to the COVID-19 crisis.
August 2020: Tribepad Ltd., a recruitment software provider, announced its collaboration with WeLove9am, a marketing and advertising company. The collaboration aims to help Signature Senior Lifestyle Care Homes facilitate a smooth online recruitment process at its care homes.
Companies Covered in the Online Recruitment Market Report
- Talent Lyft
- Zoho Corporation Pvt. ltd
- In effect
- Self-management group
- Ultimate software (Ultipro)
- Monster Worldwide, Inc.
- Jobvite, Inc.
- SAP SE
- Recruiterbox Inc.
- BambooHR LLC
- CEIPAL Corp.
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